US-based biotechnology company Relibio has entered into a definitive agreement to acquire Candid Therapeutics through a merger transaction.
Upon completion, the combined entity will serve as the candidate treatment and will list on Nasdaq under the ticker symbol “CDRX”.
As part of the merger, Candid has raised more than $505 million in gross proceeds from a combined round of private financing.
The round is backed by institutional investors such as RA Capital Management; Venrock Healthcare Capital Partners; accounts offered by institutions such as Cormorant Asset Management, Forsyth Capital, and Johns Henderson Investors; Additional mutual funds etc.
The combined cash balance at closing is projected to fund operations through 2030.
The capital will be used to advance Candid’s T-cell engagement (TCE) portfolio through key milestones. This includes the planned initiation and clinical data readout from Phase II studies for sezotamig, a TCE that targets B-cell maturation antigen (BCMA), in myasthenia gravis and interstitial lung disease.
The boards of both companies unanimously approved the transaction, which closes in mid-2026, subject to customary closing conditions, including shareholder approval and regulatory clearance.
After the transaction closes, it is estimated that Rallybio’s existing equity holders will own 3.65% of the newly combined company. Meanwhile, Candid’s equity holders, including investors involved in the financing, are estimated to own about 96.35% of the company.
The joint venture expects approximately $700 million in pro forma cash at closing. Candidate Chairman, President and CEO Dr. Ken Song will lead the new organization.
Dr. Stephen Oden, co-founder and CEO of Relibio, said: “We are pleased to announce this transaction, which we believe represents a significant opportunity for Relibio stockholders to participate in future value creation with a well-invested, clinical-stage company with a diverse and broad portfolio of TCE drug candidates.
“The candidate’s clinical data in myasthenia gravis and across its autologous pipeline, combined with strong endorsements from leading healthcare investors, further substantiates the viability of this deal.”
In April 2024, Relibio announced a collaboration with Johnson & Johnson to develop complementary therapeutic solutions for fetal and neonatal alloimmune thrombocytopenia (FNAIT).
“Relieve to get candidate treatment” was originally developed and published by Pharmaceutical Technologies, a brand owned by Global Data.
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